BASH shell insert the arguments to a previous command into the current input line

Q. I’m using CentOS Linux server. How do I insert the arguments to a previous command into the current input line or fix errors in previous commands quickly?

A. BASH History expansion is useful and time saving feature. To designates the last argument of the preceding command use !$

For example, consider following command:
$ cp /tmp/file.name /path/to/somewhere/directory/file.name
$ cp !$ /home/you

!$ will automatically expand into /path/to/somewhere/directory/file.name, thus calling last command argument. See HISTORY expansion section by typing man bash command for more information:
man bash